A- Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process
Question:
A- Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process inventory consists of 9,000 units. The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the cost per equivalent unit for the period is $3.75 for material and $1.25 for labor and overhead, what is the balance of the ending work in process inventory account?
$45,000
$33,750
$31,500
$41,625
B-
Jeoffroy Inc. uses the weighted-average method in its process costing. The following data concern the company's Assembly Department for the month of November. |
Materials | Conversion | |||
Work in process, November 1 | $ | 15,400 | $ | 5,900 |
Cost added to production in the assembly department during November | $ | 183,270 | $ | 165,876 |
Equivalent units of production for November | 7,870 | 7,040 | ||
Required: |
Compute the costs per equivalent unit for the Assembly Department for November. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) |
Materials | Conversion | |
Cost per equivalent unit | $ | $ |
c- Which of the following are needed to compute the cost per equivalent unit for materials under the weighted-average method of process costing?
D-
The following data have been recorded for recently completed Job 323 on its job cost sheet. Direct materials cost was $2,127. A total of 32 direct labor-hours and 256 machine-hours were worked on the job. The direct labor wage rate is $20 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $27 per machine-hour. The total cost for the job on its job cost sheet would be: |
$6,635
$11,824
$9,679
$7,054
E-
Heller Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: |
Beginning work in process inventory: | |
Units in beginning work in process inventory | 700 |
Materials costs | $10,600 |
Conversion costs | $9,500 |
Percent complete with respect to materials | 65% |
Percent complete with respect to conversion | 30% |
Units started into production during the month | 17,300 |
Units transferred to the next department during the month | 16,800 |
Materials costs added during the month | $168,980 |
Conversion costs added during the month | $303,430 |
Ending work in process inventory: | |
Units in ending work in process inventory | 1,200 |
Percent complete with respect to materials | 60% |
Percent complete with respect to conversion | 25% |
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. |
The total cost transferred from the first processing department to the next processing department during the month is closest to: (Round your cost per equivalent unit answers to 2 decimal places.) $488,171 $494,571 $479,640 $518,750 |
F- For which situation(s) below would an organization be more likely to use a process costing system of rather than a job-order costing system?
a framing shop that builds picture frames to order for individual customers
a paper mill that processes wood pulp into large rolls of paper
a masonry company that builds brick walls, bulkheads, and walkways designed by architects
a shop that restores old cars to "showroom" quality
G- Cerrone Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was $55,800 and at the end of the month was $45,400. The cost of goods manufactured for the month was $325,000. The actual manufacturing overhead cost incurred was $137,700 and the manufacturing overhead cost applied to Work in Process was $129,000. The adjusted cost of goods sold that would appear on the income statement for July is:
$344,100
$335,400
$326,700
$314,600
Cost Accounting Foundations and Evolutions
ISBN: 978-1111626822
8th Edition
Authors: Michael R. Kinney, Cecily A. Raiborn